Buchans for Towbars & Repairs Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC418277 (Scotland)

BUCHANS FOR TOWBARS & REPAIRS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

7

DIRECTOR:

E M Buchan

REGISTERED OFFICE:

1875 Great Western Road

Glasgow

G13 2YD

REGISTERED NUMBER:

SC418277 (Scotland)

ACCOUNTANTS:

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

FIXED ASSETS

Intangible assets

4

199,912

222,125

Tangible assets

5

56,472

38,897

256,384

261,022

CURRENT ASSETS

Stocks

6

174,926

56,916

Debtors

7

184,794

193,113

Cash in hand

1,293

95

361,013

250,124

CREDITORS

Amounts falling due within one year

8

607,396

518,571

NET CURRENT LIABILITIES

(246,383

)

(268,447

)

TOTAL ASSETS LESS CURRENT LIABILITIES

10,001

(7,425

)

PROVISIONS FOR LIABILITIES

11

7,072

3,052

NET ASSETS/(LIABILITIES)

2,929

(10,477

)

CAPITAL AND RESERVES

Called up share capital

12

2

2

Retained earnings

2,927

(10,479

)

SHAREHOLDERS' FUNDS

2,929

(10,477

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 29 September 2017 and were signed by:

E M Buchan - Director

1.	STATUTORY INFORMATION

Buchans for Towbars & Repairs Ltd is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the net sales value of goods and services supplied during the period, excluding value

added tax.

Goodwill

Directors considered the remaining useful life of purchased goodwill which they consider to be 10 years.

Goodwill is amortised equally over this period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

in accordance with the property

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

272,000

AMORTISATION

At 1 January 2016

49,875

Amortisation for year

22,213

At 31 December 2016

72,088

NET BOOK VALUE

At 31 December 2016

199,912

At 31 December 2015

222,125

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2016

-

19,831

20,026

Additions

6,778

3,985

7,798

At 31 December 2016

6,778

23,816

27,824

DEPRECIATION

At 1 January 2016

-

7,600

4,697

Charge for year

5,648

3,223

4,924

At 31 December 2016

5,648

10,823

9,621

NET BOOK VALUE

At 31 December 2016

1,130

12,993

18,203

At 31 December 2015

-

12,231

15,329

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2016

17,926

6,997

64,780

Additions

-

16,726

35,287

At 31 December 2016

17,926

23,723

100,067

DEPRECIATION

At 1 January 2016

9,901

3,685

25,883

Charge for year

2,006

1,911

17,712

At 31 December 2016

11,907

5,596

43,595

NET BOOK VALUE

At 31 December 2016

6,019

18,127

56,472

At 31 December 2015

8,025

3,312

38,897

6.

STOCKS

2016

2015

£

£

Stocks

39,797

37,738

Work-in-progress

135,129

19,178

174,926

56,916

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

169,985

168,435

Other debtors

5,629

18,298

Prepayments and accrued income

9,180

6,380

184,794

193,113

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

16,017

19,802

Trade creditors

126,875

133,591

Corporation tax

3,945

120

Social security and other taxes

10,654

7,704

VAT

30,806

31,512

Other creditors

415,715

296,249

Directors' current accounts

1,637

28,193

Accrued charges

1,747

1,400

607,396

518,571

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2016

2015

£

£

Within one year

15,000

12,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdrafts

16,017

19,802

The director has a personal guarantee in respect of the bank borrowings.

11.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

7,072

3,052

Deferred

tax

£

Balance at 1 January 2016

3,052

Provided during year

4,020

Balance at 31 December 2016

7,072

The provision for deferred tax consists of the tax effect of timing differences in respect of the excess of taxation

allowances over depreciation on fixed assets.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

2

Ordinary

£1

2

2

13.	RELATED PARTY DISCLOSURES

During the year, the company received loans of £321,000 from 4x4 Hire (Scotland) Limited and repaid loans of

£255,883 to that company. The balance due to 4x4 Hire (Scotland) Limited at the year end was £162,205.

During the year the company made loans of £3,000 to Accident Solutions Scotland Ltd. The balance due to

Buchans for Towbars and Repairs Ltd at the year end was £4,100.

Certain expenses were paid and monies received by the company during the year on behalf of Buchans for

Towbars Limited. Aggregated loan advances of £86,108 were made by Buchans for Towbars Limited to the

company. Loan repayments of £33,214 were made by the company to Buchans for Towbars Limited during the

year.The loan account balance due to Buchans for Towbars Limited at the year end was £248,108 and is

included in other creditors.

The company operates from a premises which are owned by the director E M Buchan. Rent of £15,000 was

charged for the year.

The company owed the director £1,637 at the year end.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is E M Buchan.

The following reproduces the text of the report prepared for the director and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Buchans for Towbars & Repairs Ltd for the year ended 31 December 2016 which comprise the

Income Statement, Balance Sheet and the related notes from the company's accounting records and from information

and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Buchans for Towbars & Repairs Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Buchans for Towbars & Repairs Ltd and state those matters that we have agreed to state to the director of Buchans for Towbars & Repairs Ltd in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Buchans for Towbars & Repairs Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Buchans for Towbars & Repairs Ltd. You consider that Buchans for Towbars & Repairs Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Buchans for Towbars & Repairs Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

JCWallace & Co

Chartered Certified Accountants

1875 Great Western Road

Glasgow

G13 2YD

29 September 2017